I am trying to rebuild my credit....it is currently in the mid to low 600s. I was considering geting an AU status on some of my parents credit cards but I know they tend to carry very hight balances on them even thought they pay them off every month....they are used for business. I would think the high balances could lower my score.....but what about American Express......I know it is paid off every month....if I got on that as an AU.....could that help my scores?
I DON'T know...I made my 18 year old an AU for his first card... A few people have said NO CREDIT is NOT as good as BAD CREDIT!?!?!?!
Nah, you can get it. I unfortunately screwed Amex in 1992 because the company I worked for went south and left me holding the bag for a 3K balance on the card. Took me 120 days to pay it off, but in the process they closed it and charged it off. In 1995, I was made a AU on my wifes card. No problem, no questions, no anything. You have to be careful with Amex and credit reporting though. Last month I finally got Amex to update my balance on the card. I had a 7.2K balance on it back in October (I use my for bidness) and they didnt update my credit again until this month (after screaming at the CRAs and Amex). Up and until then they were reporting this 7.2K balance with a last update Oct. 7.2K is about 15% of my credit limits. By finally getting them to update my credt reports with the true last month balance of 500, it added an avg of 12 pts to the reports. Artifically low credit score, because Amex was too lazy to report it correctly.
I've been an AU on my parents Amex since I was 12, at least according to my credit report. So I would guess that Amex is pretty generous with AU accounts. FYI: my credit score went up 7 points when Exp removed the 2 Amex tradelines last month. Strangely, it didn't drop back down after they reposted this month. I think it went up after it was removed b/c my parents, like yours, carry a very high balance on their cards and this was lowering my scores.
I don't think it's laziness - I think it's a pattern with several companies. I am debating what to do about it. I have tried disputing balances with CRAs, but they won't accept the disputes after the first time, and the CCC didn't update the balance on my card, but is reporting correctly on my Mom's account (AU). Then I wrote a nice letter to another CCC, asking them to update, that it was hurting my overall score, and they send a vague letter saying "we did what you wanted" - nothing specific enough to use, and the account is still reporting the high balance, lower limit. I am only carrying a total of $3,000 in balances, but it looks like $11,000 because of this.
Saar, How did that work? They always ask. Also, does it show up on your AU's report(s)? It would be nice to add someone on AMEX's blacklist as an AU.
If someone is an AU on your account, do the charges that he/she charges show up separetely on the statement? (so you know how much she charged?) Or is it all bunched together?
It's all bunched together. On the statement, it will say charges for the Primary....then it will say charges for so and so (the AU). The primary person is responsible for sending in payment. Yes they do report the account to the credit bureaus as an AU acount. AMEX's reporting sort of sucks. I gut put on as AU on my ex Gold charge. On Equifax it reported RIGHT AWAY (less than 30 days). But the other 2 reports took forever to report (like 8+ months). On my Optima Plantinum account, I have YET to see it reported on any of my bureaus and I've had the card for 7 months now!
What I mean is--will I know how much the AU charges without whipping out a calculator? (Is it itemized). I know they won't send two separate statements... Also, I assume the card numbers are different right? Thanks
Yes you will know who charged what. The au's account number will be slightly different and on your online and paper statements, it's broken up Primary charges... Au charges... Total due You even see it online (and the Au can get online access but will only be able to see their charges, their due, and the total due on the card if they decide to pay online as well). I pay my portion online every month... easy
Do it online, and leave the SSN field blank. J. Edgar has posted long ago that he was able to do just that. Saar
Saar, Thanks again. Can you refresh my weak mind on J. Edgar's comments, etc? I can't find them online and I am interested in helping someone out who could use the AU status. As an aside Saar, I appreciate you always taking the time to respond to so many "small" questions! This place is just like a credit helpdesk! Joe
He mentioned it a few times. Here's one of them: http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=2479#post2479 Saar
